How The Great Recession Turned The US Into A Nation Of Penny-Pinchers

Ever since the Great Recession took hold, the percentage of
Americans that prefer to save their money has grown. The
post-recession divide between spenders and savers is now bigger
than ever, with 62% of Americans saying they enjoy saving money
and 33% saying they'd rather spend it.

Before the 2008 crisis, the nation's financial habits were more
evenly split. You can see how they've changed in recent years in
this graph:

Gallup says the data, collected in a poll earlier this month,
reinforces the deep psychological toll the recession and slow
recovery have taken on the American population.

On the other hand, the latest data does show a slight uptick in
spending in recent months. The poll finds that 40% of Americans
are spending less than in previous months — a figure much lower
than its post-recession peak of 57%.

"This suggests many Americans no longer feel much of the
pressure to save that they felt during the recession," according
to Gallup.

Twenty-eight percent of people say they have spent more lately
(up from 26% earlier this year) and 30% report unchanged spending
habits, as you can see in this chart:

Based on all the data, Gallup concludes that frugality is likely
to become the "new, normal pattern." According to survey results,
40% of the people that report spending less in recent months say
this pattern will become their norm in years ahead. By contrast,
just 12% see the decrease in spending as a temporary change in
behavior.